Genesco Inc announced that it currently expects to report net sales in the range of $303 million to $304 million for the second quarter ending July 29, 2006, compared to $275 million for the same period last year.
The Company said that its same store sales for the quarter to date are up between 1 percent and 2 percent, with the Journeys stores up 5 percent, Hat World flat, the Underground Station Group down 5 percent and Johnston & Murphy down 2 percent.
The Company now expects to report earnings per share of $0.20 to $0.21 for the second quarter compared to $0.27 for the corresponding period a year ago. This year's earnings per share are expected to reflect charges of $0.04 per share related to stock-based compensation, including option expense under FAS 123R, not reflected in last year's earnings. Genesco plans to release its second quarter earnings and host its quarterly conference call on Thursday, August 24, 2006.
Hal N. Pennington, Genesco chairman, president and chief executive officer, commented, "Journeys' second-quarter performance has been good, and the strength we saw in our wholesale operations in the first quarter has continued. A challenging urban market, reflected in the same store sales of Underground Station stores and the more urban-influenced of the Hat World stores, has been the primary factor leading us to temper our expectations for the quarter. We are confident about our merchandise selection for the back to school season, and early back to school indications in Journeys are encouraging."
Genesco Inc, a Nashville-based specialty retailer, sells footwear, headwear and accessories in more than 1,800 retail stores in the United States and Canada, principally under the names Journeys, Journeys Kidz, Shi by Journeys, Johnston & Murphy, Underground Station, Hatworld, Lids, Hat Zone, Cap Factory, Head Quarters and Cap Connection.
marketing@alchempro.com
